N&P increasing savings interest rate on 5yr ISA

Norwich and Peterborough N&P is increasing the savings interest rates offered on its five-year fixed-rate cash ISA.

The ISA's savings rate has been increased by 0.25 per cent meaning the product now offers customers a rate of four per cent.

N&P's five-year ISA is available to both new and existing customers and must be opened with the full ISA allowance of £5,100 £5,340 from April 6th.

Gary Lacey, savings product manager at N&P, said the five-year fixed-rate ISA is particularly appealing to savers looking for a guaranteed return on their tax-free savings.

He added: "In the current financial climate it is particularly important that people make their money work harder for them, and this increase in interest rate on our five-year fixed-rate cash ISA can help people do that."

Once opened, savers cannot deposit any more funds into the account over the five-year period, and earlier access and closures are subject to a loss equivalent to 300 days' interest on the amount withdrawn.
 

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2011-02-22 12:31:08 © Moneyextra.com